Property Overview
This one-and-three-quarter storey home on Elgin Avenue in Winnipeg's Centennial neighbourhood presents a distinct opportunity. Built in 1882, it is a character property with a generous living area of 1,652 sq ft, which is notably above average for both the street and the local area. The lot size of 3,283 sq ft is typical for the vicinity. Key features include a basement (not renovated) and no garage or pool. The home last sold in April 2021 for $170,000, with a current assessed value of $16,500.
Its appeal lies in its substantial interior space within a historic shell, offering a canvas for renovation or restoration. It suits a specific buyer: those seeking a character home project, investors or developers attracted by the lot potential in a central location, or buyers prioritizing square footage over modern finishes. A less obvious perspective is its value as a study in Winnipeg's architectural history, representing housing from the city's early boom period. However, its age and likely need for significant updates mean it is not suited for someone seeking a move-in ready home.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style in older Winnipeg homes. It typically means the second floor has full-height ceilings only in the center of the house, with sloped ceilings (following the roof line) around the perimeter, often creating cozy alcoves or smaller rooms.
2. Why is the assessed value ($16.5k) so much lower than the last sale price ($170k)?
Municipal assessed value for tax purposes is often significantly lower than market value, especially for older homes. The assessment is a mass appraisal formula and may not fully capture market dynamics, recent sales, or the potential value of the land.
3. What are the major considerations with a home built in 1882?
Prospective buyers should budget for and investigate major systems that are likely outdated or require upgrading, such as wiring, plumbing, insulation, and the foundation. An inspection is crucial to understand the scope of work needed to make the home safe and efficient.
4. Is the land size suitable for future expansion or redevelopment?
At just under 3,300 sq ft, the lot is a standard size for the area. While it may accommodate an addition subject to zoning bylaws and setbacks, it is not an unusually large lot that would easily allow for subdivision or a major rebuild without creative design.
5. How does the "above average" living area compare to modern homes?
While the total square footage is generous for its peer group, the layout in a home of this age may feel compartmentalized with smaller, distinct rooms rather than the open-concept flows popular today. The usable space depends heavily on the floor plan configuration.